Mayor Sergei Sobyanin said tens of thousands of Muscovites are at risk of unemployment due to Western sanctions. “According to our estimates, about 200,000 people are at risk of losing their jobs,” Sobyanin said on his blog on Monday. Last week, the authorities approved a EUR 38 million aid program to cushion the effects of unemployment.
The aid program is primarily aimed at employees of foreign companies “who have temporarily ceased their activities or have decided to leave Russia,” Sobyanin said. One of the aims of the program is to finance retraining.
Since the start of Russian military action in Ukraine on Feb. 24, hundreds of Western companies have announced cessation of operations in Russia, with some announcing a complete withdrawal from the country. Experts expect the sanctions to have serious consequences for the Russian economy and predict a severe recession.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
